NSIA, NCCC sign MoU to fastrack FG’s energy transition plan

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The Nigeria Sovereign Investment Authority (NSIA) and the National Council on Climate Change (NCCC) on Monday in Abuja signed a Memorandum of Understanding (MoU) to engender Nigeria’s efforts in energy transition.

The Vice President, Professor Yemi Osinbajo in August 2022 announced the global launch of Nigeria’s Energy Transition Plan virtually with the aim of tackling the dual crises of energy poverty and climate change.

The Managing Director of NSIA, Aminu Umar-Sadiq while speaking at the event, which also served as the launch of the NSIA Impact report for over a decade, said the initiative was part of the agency’s commitment to Nigeria’s action on climate change

Umar-Sadiq pointed out that the NSIA is rolling out an energy transition plan to facilitate solar energy production across the country.

He said, “We are putting forward a renewable energy plan that will eventually serve as the platform to proliferate solar production similar to those commissioned in Kano in January this year and distribute to locations where they are required. The partnership with the NCCC is important especially for an economy like Nigeria that wants to advance efforts in energy transition”.

The NSIA Boss while commenting on the financial commitments of the agreement,  said “Whatever it takes for Nigeria to advance its climate course, the strategic partnerships and capital support from NSIA will be deployed.

The expectations is that the MoU will catylse projects that will complement the efforts of the federal government”.

On the Impact report launched by the NSIA, Umar-Sadiq added that the “Report chronicles major interventions of the Agency in the last decade which spans across different sectors like power, healthcare among others”.

In his address, the Director General of the of the National Council on Climate Change (NCCC), Dr . Salisu Dahiru said Nigeria’s energy transition plan will cost the country an average of $10 million annually to reach the target by 2060.

Dr. Dahiru said the MoU with NSIA will bring in relevant agencies and the private sector to ensure that Nigeria fully achieve its energy transition target, as the agency cannot go out sourcing for support without having something tangible to show for its efforts.

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